Weekend Unlimited posts record monthly revenue and gross profit as it shifts focus to strong Oklahoma cannabis operations
Weekend Unlimited Industries Inc (CSE:POT) (OTCQB:WKLUF) hit record revenue and profit during the month of June thanks to strong sales of its WKND! and Orchard Heights cannabis and wellness brands.
The Vancouver-based company posted C$331,886 in revenue and C$31,395 in gross profits during the month, it reported Monday. Sales from WKND!-branded wellness CBD and health products also contributed to the revenue figures.
READ: Weekend Unlimited sells off Washington facility, redirects Northern Lights budget to support Oklahoma operations
The cannabis company saw a 343% month-over-month increase in sales of its WKND! wellness products, which generated $289,400 in revenue. The total cost of goods sold were $270,135, which led to gross profits of C$12,130.
Revenue from WKND! and Orchard Heights-branded cannabis products grew 61% over the month of May at C$42,486, with the cost of goods coming in at C$30,356 and gross profits of C$12,130.
The figures are unaudited and may differ from those reported in its financial statements, the company told shareholders.
The news comes as Weekend Unlimited has shifted its strategic focus to its strong Oklahoma operations, which have proven month-over-month revenue growth, allowing for less risk and more upside, the firm said recently. In June, it inked a deal to acquire Ruby Mae’s LLC, a cannabis-infused edibles producer in the state. It also sold its facilities in Washington State and redirected funds from Northern Lights Organics operations in Canada.
The month-over-month increases in revenue reflect “genuine business growth” for the cannabis company, according to its CEO Chris Backus.
“Knowing that our brands have significant recognition in the Oklahoma cannabis market positions us very well moving into the beginning of our Q4,” Backus added in Monday’s statement.
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/924027/weekend-unlimited-posts-record-monthly-revenue-and-gross-profit-as-it-shifts-focus-to-strong-oklahoma-cannabis-operations-924027.html
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